Creed Announces €5M Investment For Innovation In Food Industry
Minister for Agriculture, Food and the Marine, Michael Creed announced the investment of €5 million in equipment, technologies and innovation for the food industry.
The investment in innovation will assist in the development of the Prepared Consumer Foods (PCF) sector as a part of the Irish government’s response to Brexit.
“This funding is being used for the purchase of Prepared Consumer Food research equipment based in Teagasc Ashtown, which PCF companies can trial in collaboration with Teagasc and other research providers,” Minister Creed said.
Innovation Is Imperative
Minister Creed made the announcement that the investment will be accounted for in the government’s 2018 Budget at a Food Gateway event in Teagasc Ashtown; ‘Beyond Brexit – making food innovation go further’.
At the event, Minister Creed stressed that innovation in the industry is a key response to Brexit.
“The role of research and innovation is critical to ensure that our Food Industry can address the challenges we face,” Creed added.
“While the agri-food sector has achieved remarkable and sustainable growth over recent years, we still face significant challenges – particularly in relation to environmental sustainability, and of course, the threat posed by Brexit.
“These challenges require us to look afresh at our business models, products and processes, to look at consumer and environmental demands and to see how we can ensure that we respond to those demands and how innovation and research can deliver new products, new ways of processing, new income streams, that allow Government and industry to deliver on these demands while surviving in an increasingly competitive market.”
Teagasc is due to host its Beef Open Day event in Meath at the end of the month to discuss the medium-term outlook for beef prices, which faces numerous challenges from the likes of Brexit and CAP reforms. Minister Creed will also be in attendance.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.